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10 RMD Mistakes to Avoid

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After saving for years in an IRA, 401(k) or other tax-deferred retirement plan, you eventually have to take the money out and pay taxes on it. Most people need to start taking these required minimum distributions after they turn age 70½—and the stakes are high. If you don’t take out the required amount by the deadline, you could get hit with a penalty worth up to 50% of the amount you should have withdrawn. It’s easy to make mistakes when figuring out the timing of RMDs, how much to withdraw and which accounts to tap. Here are 10 common RMD mistakes—and how to avoid them.

SEE ALSO: 14 Retirement Mistakes You Will Regret Forever

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